Reliance Industries has signed a deal to join over-the-top (OTT) music platform Saavn, with its own digital music service JioMusic. The cost of the transaction is worth over USD 1 billion.

Akash Ambani, Director, Reliance Jio stated, “We are delighted to announce this partnership with Saavn, and believe that their highly experienced management team will be instrumental in expanding Jio-Saavn to an extensive user base, thereby strengthening our leadership position in the Indian streaming market.”

Furthermore, the combined entity will have both Saavn’s streaming media expertise and Jio’s digital ecosystem and it will aim at benefiting all stakeholders involved: users, music labels, artists and advertisers.